Govt to save Rs. 5.7 billion through price regulation of 13 medicines – NMRA
The government is expected to save approximately Rs. 5.7 billion through the price regulation of 13 types of medicines ordered for import into Sri Lanka in 2027, according to National Medicines Regulatory Authority (NMRA) Chairman, Consultant Dr. Ananda Wijewickrama.
Speaking at a media briefing held at the NMRA on Thursday (01), Dr. Wijewickrama stated that the estimated savings were achieved through the coordinated efforts of the NMRA, the Medical Supplies Division (MSD) and the State Pharmaceuticals Corporation (SPC), under the national medicine price regulation policy.
He explained that increased registration of medicines by the NMRA, timely placement of orders by the MSD, efficient tender procedures carried out by the SPC and improved coordination among the three institutions had contributed to the anticipated savings.
The NMRA Chairman further revealed that the prices of 60 types of medicines have been regulated so far, enabling consumers to access quality medicines at more affordable prices.
Providing background on the initiative, Dr. Wijewickrama noted that maximum retail prices were first introduced for 48 essential medicines in 2016, followed by another 12 medicines in 2017.
He stated that the current price regulation mechanism operates under the National Medicines Regulatory Authority Act, No. 5 of 2015, drawing on the principles of Professor Senaka Bibile’s 1971 Bibile–Wickramasinghe Report and the Essential Medicines List.
According to Dr. Wijewickrama, the regulations have helped significantly reduce the prices of certain excessively priced medicine brands while preventing medicine prices from being determined solely by market forces.
He emphasised that government intervention in medicine pricing remains essential, arguing that market competition alone cannot guarantee affordable medicines, particularly as patients have limited control over the prices of the medicines they require.
The NMRA Chairman also pointed out that the same medicine is often marketed under multiple brand names at varying prices, stressing that a higher price does not necessarily indicate better quality. (Newswire)
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